Ikea India appoints Peter Betzel as new CEO

Ikea has announced the appointment of Peter Betzel as the new chief executive officer for its India business.

BENGALURU: Swedish home furnishings company Ikea has announced the appointment of Peter Betzel as the new chief executive officer for its India business, said a company statement issued today. Betzel takes over from the outgoing India CEO Juvencio Maeztu, who moves into a global role as the CFO and deputy CEO, Ikea Group.

Betzel will take the lead for Ikea’s expansion into India beginning with the upcoming launch of the first store in the country in Hyderabad.

In India, apart from the growth-intensive plan, Betzel sees diversity and inclusion as key topics to focus on as the company will grow its workforce from 400 to 15,000 in the coming years.

“Over the last six years we have set up a strong foundation for Ikea’s presence in India. We are now ready to open our doors to enable Indians to create a better everyday life at home for themselves. To materialise our long-term vision for India, Peter is the best person to lead Ikea in India in the next phase as he is known by his visionary leadership, deep understanding of the retail world and his focus on both people and business together,” said outgoing CEO of Ikea India, Juvencio Maeztu.

"India is a vibrant, multi-cultural, multi-faceted and a really exciting market for Ikea. As I start my new role, I look forward to establishing the company as a meaningful, loved and trusted brand. I will be working with the local teams to bring in a unique global shopping experience offering good quality and affordable home furnishing products to a diverse set of consumers across the country,” said Betzel.

During his 25 years with Ikea, Betzel has had extensive store management experience, which he believes is the best platform to understand the core values of the business. He has in-depth experience in driving business growth in different markets and has ambitious plans to lead the India story to success. Both people and business growth are high on his agenda, as he takes on the challenge of expanding and leading the company’s business in India.